Adoboli’s fellow trader conducted fictitious bookings, court hears

A fellow trader on accused UBS rogue trader Kweku Adoboli’s ETF desk also faked bookings to hide risky trades, he admitted today


A fellow trader on Kweku Adoboli's exchange-traded funds (ETF) desk at UBS, John Hughes, also conducted fictitious bookings, a London court heard today.

Adoboli has been charged with two counts of false accounting and two counts of fraud by abuse of position between October 2008 and September 2011. UBS announced a loss initially estimated at $2 billion on September 15, 2011.

During Hughes' fourth day of testimony, Charles Sherrard, the defence barrister, provided evidence of Hughes conducting

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